The Standard Life Investments Global Real Estate Fund has purchased a 58,500m² logistics asset in Veghel, the Netherlands, in an off-market deal for approximately €30m.
The logistics industry has dominated Veghel’s economy for the last 50 years, and the location’s prime transport links have helped to attract occupiers such as DHL, Kuehne & Nagel, and Mars. The distribution warehouse, which was built in 2009, is occupied on a long-term lease agreement by furniture retailer Goossens Meubelen. The building is integral to the tenant’s supply chain with all customer deliveries originating from this building.
James Britton, Fund Manager, commented:"Dutch logistics is a sector that we expect to continue to deliver compelling returns. The acquisition of this well-specified asset is a great addition to the Standard Life Investments Global Real Estate Fund's portfolio, being both accretive to the Fund's income yield and average lease length."
The vendor was represented by TLF real estate, while Cushman & Wakefield acted for Standard Life Investments.
